tl;dr
Antonio Juliano, founder of dYdX, has announced a 35% reduction in the company's core workforce without specifying exact reasons or numbers. Despite this, the news did not impact dYdX's price, which remains above $1, marking an 8% increase since the week's start. The company is currently hiring for ...
Antonio Juliano, founder of dYdX, has announced a 35% reduction in the company's core workforce without specifying exact reasons or numbers. Despite this, the news did not impact dYdX's price, which remains above $1, marking an 8% increase since the week's start. The company is currently hiring for engineering and design positions.
This decision follows a decline in dYdX's Total Value Locked (TVL) in 2024, while another exchange, Hyperliquid, saw its TVL grow tenfold. Consensys, developer of MetaMask wallet, also announced a 20% reduction in its workforce due to macroeconomic pressures and regulatory challenges.
In an official announcement, Juliano did not specify the exact reasons or the number of employees being let go. However, he mentioned that the company now has the team needed for future plans. dYdX has around 50 employees and is currently hiring for several engineering and design positions.
This decision comes amidst a sharp decline in dYdX’s Total Value Locked (TVL) in 2024. TVL dropped from over $500 million in March to just $287 million. Meanwhile, another decentralized derivatives exchange, Hyperliquid, saw its TVL grow tenfold in 2024, recently hitting an ATH of over $870 million. Consensys cited macroeconomic pressures and regulatory challenges as reasons for this decision.